Seadrill SDRLF.PK 3Q results EPS $0.08 NET $38M REV $377M. Not bad at all when you think that only 2 big semisubmersibles and 4 jackups working for them now.I expected still negative EPS.
Four new semis and 2 new ultra-deep drillships will be delivered in 2008 - and they are ALL in schedule, very important - so the income begin to flow in in 2008-2009. CEO Jacobsen says the new rigs will be rented on shorter contracts (spot) to benefit from the present high oil drilling season. Good start for 2 years old Seadrill.
SDRL - Seadrill reports third quarter 2007 results
Published: 16:38 29.11.2007 GMT+1 /HUGIN /Source: Seadrill Limited /OSE: SDRL /ISIN: BMG7945E1057
Highlights
Seadrill reports net income of US$32.8 million and earnings per share of US$0.08 for the third quarter of 2007
Seadrill remains on track for delivery of the newbuild program
Seadrill takes successful delivery of one jack-up and one tender rig
Seadrill secures new contract for the mid-water semi-submersible rig West
Alpha
Seadrill secures new contracts for the ultra-deepwater units West Aquarius
and West Capella
Seadrill OTC-list the well services division as an independent well services
company (fourth quarter 2007)
Third quarter results
Seadrill today reported consolidated revenues for the third quarter 2007 of
US$377.1 million compared to US$374.0 million for the second quarter 2007.
Operating profit for the third quarter was US$96.2 million as compared to US$76.9 million in the second quarter.
Operating profit from the Mobile units (including jack-ups) amounted to US$58.8
million as compared to an operating profit of US$43.3 million in the second quarter. The increase was mainly due to improved utilization for several of the jack-ups in Asia.
Operating profit from the Tender rigs amounted to US$25.6 million as compared to US$22.2 million in the second quarter. The increase was mainly due to improved utilization and operating margins for tender rig T8 and semi-tender West Setia.
Operating profit from Well services amounted to US$11.9 million, marginally up from US$11.4 million in the second quarter.
Net financial items for the third quarter resulted in a net expense of US$ 54.3 as compared to expenses of US$21.8 million in the second quarter. The result is due to increased interest expenses due to higher debt as well as foreign exchange differences due to weakening of US dollar compared to Norwegian kroner.
Income before income taxes amounted to US$41.9 million.
Income taxes were US$5.0 million.
Net income for the quarter amounted to US$32.8 million.
Earnings per share were US$ 0.08 for the third quarter.
For further information, please see the third quarter 2007 report attached.
Analyst contact:
Jim Dåtland, Vice President Investor Relations, Seadrill Management AS
+47 51 30 99 19
Media contact:
Trond Brandsrud, Chief Financial Officer, Seadrill Management AS
+47 51 30 99 19
Seadrill Limited
Hamilton, Bermuda
November 29 2007
Third quarter 2007 report
